Solar Firm SunPower Corp. (NASDAQ: SPWR) Beats Analyst Estimates By Re-porting Higher Adjusted Revenues For Q1 2021 Of $306.4 Million And Adjusted Earnings Per Share, Firm Sees 50% Jump In Sales In Q2 Vs. Prior Year; Will SPWR Lead Solar Sector Growth On Wall Street?
Solar firm SunPower Corp. (NASDAQ: SPWR) yesterday beat analyst estimates and reported higher adjusted consolidated revenues of $306.4 million revenues and adjusted earnings per share in Q1 2021. Volume was 5.5% higher than its $290.5 million for Q1 2020. SPWR also showed a non-GAAP net income per diluted share of $0.05 from continuing operations in Q1 2021 vs. a ($0.09) loss per share in Q1 2020. That surpassed expectations of a consensus of analysts, who expected only a break-even this Q1. The company’s outlook for its Residential and Light Commercial Division (RLC) Q2 is a 50%+ jump in sales versus the prior year and 20% rise sequentially. It also expects 2022 adjusted EBITDA growth of 40%+. The question now is how SPRW will lead solar sector stock growth on Wall Street. Zacks Equity Research said: “The year-over-year upside in revenues can be primarily attributed to higher sales of solar powered systems, components and solar systems.” SPWR stock hit $22.17 in after hours trading last night.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), SunPower (NASDAQ: SPWR), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR),, Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Solar firm SunPower Corp. (NASDAQ: SPWR) Beats Analyst Estimates By Reporting Higher Adjusted Revenues For Q1 2021 Of $306.4 Million And Adjusted Earnings Per Share, Firm Sees 50% Jump In Sales In Q2 Vs. Prior Year; Will SPWR Lead Solar Sector Growth On Wall Street?
Peter Faricy, CEO of SunPower Corp. (NASDAQ: SPWR), said, “While demand is soaring, less than 3% of U.S. homes currently have solar and storage and penetration is still in its infancy. To significantly increase category growth, the adoption of distributed energy needs to be easy, reliable and affordable.”
SPWR Leading The Next Era Of Solar?
He added, “We believe we are well positioned to accelerate and lead the
next era of solar.” Solar Firm SunPower Corp. (NASDAQ: SPWR) Beats Analyst Estimates By Reporting Higher Adjusted Revenues For Q1 2021 Of $306.4 Million And Adjusted Earnings Per Share, Firm Sees 50% Jump In Sales In Q2 Vs. Prior Year; Will SPWR Lead Solar Sector On Wall Street?
SPWR’s Q2 Guidance: 20% Sequential Growth And 50%+ Vs. Same Quarter In Prior Year
He said for its Q2, SunPower Corp. expects its residential business to continue strong. In residential the firm expects in Q2 20% sequential growth and over 50% versus the same quarter the prior year. Guidance for the Q2 remains at GAAP revenue of $295-345 million, the GAAP net loss of $12 million to $1 million and adjusted EBITDA in the range of $16 million to $27 million. Solar Firm SunPower Corp. (NASDAQ: SPWR) Beats Analyst Estimates By Reporting Higher Adjusted Revenues For Q1 2021 Of $306.4 Million And Adjusted Earnings Per Share, Firm Sees 50% Jump In Sales In Q2 Vs. Prior Year; Will SPWR Lead Solar Sector Growth On Wall Street?
He further cited strong industry tailwinds, further anticipated federal policy support and increased demand for its residential and commercial storage solutions. SunPower Corp. (NASDAQ: SPWR) continues to expect 2022 adjusted EBITDA growth of greater than 40%, he said. Solar Firm SunPower Corp. (NASDAQ: SPWR) Beats Analyst Estimates By Reporting Higher Adjusted Revenues For Q1 2021 Of $306.4 Million And Adjusted Earnings Per Share, Firm Sees 50% Jump In Sales In Q2 Vs. Prior Year; Will SPWR Lead Solar Sector Growth On Wall Street?
Should Other Solar Companies Such As Solar Integrated Roofing Corp. (OTC PINK: SIRC) Anticipate That The Strong Financials From SPWR Lead A Solar Sector Boom
Other solar-focused public firms such as Solar Integrated Roofing Corp. (OTC PINK: SIRC) are watching the Wall Street reaction to SPWR’s higher Q1 financial report and strong guidance for the remainder of 2021 and full year 2022. SPWR has its eye towards growth in the solar sector. Championed by the Biden administration, solar is a renewable energy format playing a key role in both residential and commercial areas. Stronger demand, great tax incentives and legislative support from the federal government and state/local bodies are being seen as a ‘perfect storm’ for a jump in solar performance.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) and David Massey, CEO, are focused on solar and renewable energy, including EV Charging Stations to support electric cars. SIRC has acquired Enerev, LLC, a solar solutions provider; Cornerstone Construction, a roofing and solar solutions provider operating in five states from its base in South Carolina; plus other joint ventures and agreement that has SIRC in new home roofing/solar in San Diego and even solar and electrical agriculture/farming in clean energy tractors.
Cornerstone completed 1,000 installs of roofing and solar in 2020, generating over $15 million in sales with robust projected growth. Massey added, “This is an exciting presence that we believe will help grow our acquisition pipeline nationally, helping to create value for our shareholders.” To learn more, go to https://cornerstoneconstruction.org/
Solar Integrated Roofing Corp. (OTC PINK: SIRC) is turning the corner on becoming a nationwide roofing and solar provider. David Massey, SIRC CEO, said, on acquiring Cornerstone Construction, “This significant acquisition is the first step in our company’s transition into a nationwide roofing and solar solutions provider.” Throughout 2020, Cornerstone moved strategically into new markets.
Tesla’s (NASDAQ: TSLA) solar and energy division is similarly reporting large gains and becoming a more important part of the parent company. In Q1 2021 it reported a 71% increase in its sales and demand for its products can sometimes overwhelm the company — witness the storms earlier this year in Texas. In Q1 this year, Tesla reported sales from its energy division of $494 million — almost 5% of the total company. Tesla (NASDAQ: TSLA) is being overwhelmed by demand for its solar panels, PowerWalls energy storage units and other solar accessories.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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